NBJ London Markets (NBJLM) is an established Lloyd’s broker with specialist motor fleet and property divisions ready to assist with difficult fleet and property placements.
NBJLM can assist in placing all types of motor fleets including, but not limited to:
- car and van fleets (own goods)
- skip and waste operators
- bus, coach and minibus operators (private/public hire and stage/express use)
- courier and parcel delivery
- taxi (private and public hire)
- risks with an adverse history or feature that prevents the composite insurers from quoting
NBJLM has access to plenty of available capacity via the 12 markets they work with. Generally their minimum premium is £10,000 plus Insurance Premium Tax, although they are happy to review a broker’s fleet account as a whole, for brokers willing to support and who may be struggling with insurer relationships.
During the first quarter of 2021, NBJLM have found very strong competing appetite from the composite insurers, especially around their target areas of car and van business. This has created opportunities for NBJLM within the sectors that the composite markets are not looking to develop: bus, coach, minibus, self-drive hire, haulage, courier, abnormal load risks, crane/heavy lifting risks, waste, vehicle transporters, risks with elements of hazardous goods and driver training risks to name just a few.
Examples of fleet cases recently placed:
- Private hire risk (taxis and minibuses) with an element of school/contract work: NBJLM helped a broker win this new motor fleet risk utilising a specialist London market facility they have exclusive access to. Premium £25,000 plus Insurance Premium Tax.
- Abnormal load risk (mixed commercial vehicle sizes) involving a 90% deposit premium deal from the insurer: NBJLM assisted the broker to retain this existing risk under heavy competition. Premium £45,000 plus Insurance Premium Tax.
- Self-drive hire (motorhomes) sector: NBJLM helped the broker secure the business, who had no market to offer their existing client. Rated insurer terms offered and instructions expected this month plus Insurance Premium Tax.
Difficult larger property placements
As insurers continue to reduce their participation in larger and heavier property and business interruption risks, you may find that it's becoming increasingly difficult to complete certain property placements.
NBJLM specialise in placing larger commercial and industrial risks, using their extensive knowledge of the Lloyd’s and London market. They can either look to replace the risk from the ground up or, where you have a respected lead insurer, they can help you find the additional capacity needed to complete the placement.
Examples of cases recently placed:
- Convertors of adhesive tape – sum insured £9m: premises backed onto a recycling risk, there was very little market interest and existing insurer had declined to renew. NBJLM were able to replace this risk 100% with a good quality London market insurer.
- Sale and wholesale of catering equipment: large property portfolio requiring additional capacity as composite insurer reduced their lead line. NBJLM placed a 35% follow line in the London market to complete.
- Hotel – sum insured £15m and unoccupied: composite insurer declined to offer cover. NBJLM were able to place 100%
- Unoccupied care home currently awaiting sale: 40% follow line placed.
NBJLM Commercial Team can also assist you with:
- Unoccupied properties, manufacturing risks to name but a few
- Contractors’ Liability: markets for all the main construction trades and contractors including, but not limited to, structural steel erectors, heavy civil engineering, demolition, scaffolding, roofing, building contractors, skip hire, waste contractors
- High Risk Liability: including waste, rail, quarries, stevedores, port operators EL, chemicals, oil and gas, foundries medical products, aviation products, airports/airside work, US exports, work on vessels and offshore
- Contractors All Risks: annual policies or single project placements
- Standalone Employer’s Liability
- Professional Indemnity
- Directors and Officers Liability
Minimum premium £5,000 plus Insurance Premium Tax
So, if you aren’t getting the service you desire from your Lloyd’s broker, please do pick up the phone to your Blink IS Business Development Manager and let’s start a conversation.
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Full underwriting terms and conditions apply, please ensure that all of the contractual documentation is read and understood prior to use. This facility is marketed and distributed by Blink Intermediary Solutions. This facility is provided by NBJ London Markets Limited, who are authorised and regulated by the Financial Conduct Authority (FCA) No 305740 and underwritten by certain underwriters at Lloyd’s and other insurers.
Access to this facility is subject to approval by the product provider only. Blink Intermediary Solutions is not part of the approval process and is not the product manufacturer. Some products/facilities are not available in all territories. The intended recipient of this content is UK FCA regulated insurance brokers. Full details of FCA authorisations can be found at www.fca.org.uk.